StockMarketWire.com - SyQic Plc has entered into a conditional asset purchase agreement to acquire Maaduu, an online video-on-demand service providing Korean content across multiple devices, which is currently owned by PlayTV Asia Sdn Bhd ("PlayTV Asia"), for up to RM5.5 million (approximately £1.03 million) plus £60k of shares in SyQic (the "Acquisition").

Highlights

· Acquisition of Maaduu, an online video-on-demand service providing Korean content across multiple devices that is advertising supported

· Maaduu has approximately 850,000 registered users as well as over 3.3 million Facebook Fans to add to SyQic's current subscriber base of over one million

· Considerable synergies created by the Acquisition providing opportunities to generate additional revenues through pay-per-view and advertising across both the Maaduu business as well as SyQic's existing business lines

· Allows SyQic to address different target demographic groups via its differentiated product offerings

· Strong trading results for the six months to 30 June 2014 with revenue up 424% over H1:2013 to £4.6 million and gross profit up 2,671% to £0.97 million. Cash of £0.42 million as at 30 June 2014

· January 2014 payment of approximately £350,000 from the Company's major Indonesian telco customer, PT Nextnation Prisma, received

· conditional placing of 3,700,000 ordinary shares of nil par value (the "Placing Shares") at 50 pence per Placing Share (the "Placing Price"), by Allenby Capital Limited, to raise £1.85 million (of which £0.25 million is subject to an EGM) before expenses from both existing and new shareholders (the "Placing").


At 9:50am: [LON:SYQ] Syqic Plc Ord Npv share price was +1p at 55.5p



Story provided by StockMarketWire.com